Understanding the Economy - PowerPoint PPT Presentation

Lesson 3-2. Understanding the Economy. Understanding the Economy . Objectives List the goals of a healthy economy Explain how an economy is measured Analyze the four key phases of the business cycle . Marketing Essentials Chapter 3, Section 3.2. Goals of an Economy .

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Labor Productivity Xthe value of goods and services produced in a period of time, divided by the hours of labor used to produce the goods and services

- defined period of time, such as a week, month, or a year

Increased productivity by a business raises living standards, improves people's ability to purchase goods and services, enjoy leisure, improve housing and education and contribute to social and environmental programs.